Tips on filing income taxes for 2020

Local News

Tax season, which begins when the IRS opens and starts accepting returns for processing, ends on April 15, 2020.

However, you can file an extension and that will give you another six months, until the extension deadline of October 15, 2020.

To file, you still need to pay your taxes by April 15th but the forms will not be due until October 15th.

If you want an extension to file your income taxes, the IRS will give you one, no questions asked.

If you file your tax return after April 15th, October 15th if you filed an extension, you will be penalized.

The late filing penalty is five percent of the unpaid taxes with a minimum penalty of $330, or 100 percent of the unpaid taxes if less, if the return is filed later than June 15th.

According to the IRS, most refunds are funded within 21 days of filing.

This clock starts after the IRS begins processing tax returns for the year, which is usually at the end of January.

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